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June 2012 - Posts

Friday, June 29, 2012 9:08 AM

Straw buyers for short sales - Lender Fraud

Recently, a business model surfaced that purported to help homeowners stay in their homes by allowing straw buyers to purchase the homes via short sale, with the understanding that the buyers would allow the former owners to live in the property as renters
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Friday, June 29, 2012 9:07 AM

Economists: Prices will bottom by 2013, homeownership to decline

Economists continued to predict home prices will decline only slightly in 2012, falling 0.4 percent for the entire year, and will increase thereafter, according to the June 2012 Zillow Home Price Expectations Survey, compiled from 114 responses by a diverse
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Friday, June 29, 2012 9:05 AM

Buyers show renewed interest in large homes

After veering away from super-sized homes throughout the recession, Americans are yet again attracted to the idea of bigger homes, according to the American Dream Survey, conducted by Harris Interactive on behalf of Trulia. The survey found that 27 percent
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Friday, June 29, 2012 9:04 AM

Short sale assistance for military homeowners

The FHFA has announced changes to short sale policies that will make it easier for military homeowners with Fannie Mae and Freddie Mac loans to honor their financial commitments when they are required to move as part of their duty. Military homeowners
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Friday, June 29, 2012 9:00 AM

California pending home sales rise, post double-digit year-over-year gains

C.A.R.’s Pending Home Sales Index rose to 128.8 in May compared with 115.8 a year earlier. Pending home sales also posted double-digit gains compared with the previous year for the fourth consecutive month. Additionally, the share of distressed
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Friday, June 29, 2012 8:58 AM

All Cash Buyers Edging Out Financed Buyers

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Friday, June 29, 2012 8:56 AM

Home prices rise for first time in 7 months

CNNMoney Average home prices increased 1.3 percent in April in 20 major markets, according to the S&P/Case-Shiller home price index. Read the full story
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Friday, June 29, 2012 8:55 AM

Mortgage servicers given new rules to aid troops

San Francisco Chronicle U.S. regulators released rules for mortgage servicers that are designed to help members of the military get information needed to sell their homes or modify loans when they are forced to relocate. Read the full story
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Friday, June 29, 2012 8:54 AM

Consumer bureau report raises concerns about reverse mortgages

Los Angeles Times The Consumer Financial Protection Bureau says it’s worried about the potential for abuse as some older Americans tap their home equity through reverse mortgages. Read the full story
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Friday, June 29, 2012 8:53 AM

New home sales jump in May

CNNMoney New home sales rose 7.6 percent in May to an annual rate of 369,000 units, according to the Census Bureau. Read the full story
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Friday, June 29, 2012 8:44 AM

Homeowner Bill of Rights plans move forward

San Francisco Chronicle On Wednesday, a so-called “Homeowner Bill of Rights” moved a step closer to passing, with housing advocates claiming the bill would help people stave off foreclosures. The CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.)
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Friday, June 22, 2012 2:17 PM

FHFA establishes additional anti-fraud measure for GSEs and Federal Home Loan Banks

The FHFA has announced an initiative to complement current fraud reporting by Fannie Mae, Freddie Mac, and the Federal Home Loan Banks. FHFA is taking this additional step to ensure the regulated entities are not exposed to unnecessary risk from doing
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Friday, June 22, 2012 2:15 PM

FHA dropping $1,000 debt rule that would have delayed closing

The FHA has decided to do away with a rule that would have created a closing delay of 3 months or more if an FHA borrower had debt totaling or exceeding $1,000. Now, the FHA “credit-dispute” rule has been withdrawn, according to an agency
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Friday, June 22, 2012 2:08 PM

HUD to expand sale of troubled mortgages

HUD recently announced the launch of the Distressed Asset Stabilization Program, an expansion of an FHA pilot program that allows private investors to purchase pools of mortgages headed for foreclosure and charges them with helping to bring the loan out
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Friday, June 22, 2012 2:07 PM

Freddie Mac releases U.S. economic and housing market outlook

Freddie Mac released recently released its U.S. Economic and Housing Market Outlook for June showing that rental market activity has been a bright spot for the housing market, and due to rental demand by those postponing homeownership, further increases
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Friday, June 22, 2012 2:06 PM

Short Sale Soundoff: BofA makes changes to second lien deficiency waiver guidelines

Bank of America has extended additional support to homeowners by agreeing to enhanced second lien deficiency waiver guidelines. To qualify for the revised guidelines, the short sale must be initiated on or after June 1, 2012, and the second lien must
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Friday, June 22, 2012 8:07 AM

Respecting the Seller in a Buyer's Market

Talking Points Buyers in many areas have the advantage in the current market, but there are still guidelines that need to be followed. Buyers need to show they are serious if they hope to secure their dream house amid buyer competition or sellers so frustrated
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Friday, June 22, 2012 8:05 AM

Why mortgage rates are so low

The Wall Street Journal Glimmers of hope in the housing market suggest a turnaround is near, with statistics showing stabilizing home prices and an increasing number of home sales. Read the full story
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Friday, June 22, 2012 8:04 AM

Americans see biggest home equity jump in 60 years

Bloomberg News Home equity in the first quarter rose to $6.7 trillion, the highest level since 2008, as homeowners taking advantage of record-low borrowing costs to refinance their loans brought cash to the table to pay down principal. The 7.3 percent
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Friday, June 22, 2012 8:03 AM

Foreclosures spike 9 percent in May

CNNMoney Foreclosure filings in May spiked 9 percent compared with a month earlier, according to RealtyTrac. Read the full story
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Friday, June 22, 2012 8:02 AM

UCLA forecasts California housing recovery next year

The Los Angeles Times Despite quickening home sales and rising prices in some parts of California, the state’s housing market won’t begin a full-fledged recovery until next year, economists at UCLA predict. Read the full story
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Friday, June 22, 2012 8:01 AM

What aren’t there more homes for sale?

The Wall Street Journal It’s no secret to anyone who has watched the real estate market over the past year that the number of homes for sale has dropped sharply. Read the full story
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Friday, June 22, 2012 7:59 AM

Cheap homes lure foreign buyers

CNNMoney Lured by bargain home prices, foreign buyers stepped up their purchases of U.S. homes by 24 percent over the past year, according to the NATIONAL ASSOCIATION OF REALTORS®. Read the full story
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Friday, June 22, 2012 7:57 AM

Taking advantage of low rates

The New York Times Mortgage rates continue to set new record lows, leaving many home buyers and refinancers wondering how low rates can go and how to capture the best rates now. Making sense of the story Many economists are forecasting that mortgage rates
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Friday, June 15, 2012 3:40 PM

To Share or Not to Share

Talking Points A surprising number of homeowners are bucking the notion that good fences make good neighbors and taking down the fences in favor of bigger gardens and more space to entertain. While some homeowners are turning previously neglected corners
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Friday, June 15, 2012 3:39 PM

Negative equity props up home prices in toughest markets

HousingWire Many housing markets may be undersupplied because underwater borrowers are unable to put their homes up for sale. According to CoreLogic, this paradox may actually be pushing prices upward for some. Read the full story
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Friday, June 15, 2012 3:36 PM

U.S. agency to sell off loans to stem foreclosures

The New York Times In a move intended to prevent foreclosure for thousands of homeowners and shed some seriously delinquent home loans, the Federal Housing Administration will sell off distressed mortgages in bulk, the housing secretary said Friday. Read
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Friday, June 15, 2012 3:34 PM

Did you face foreclosure in ’09 or ’10? You may be due money

San Diego Union Tribune More than 4 million people in the U.S. may be eligible for free independent reviews of their foreclosure experiences and could be owed money if mistakes and problems are found, federal officials say. Read the full story
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Friday, June 15, 2012 3:32 PM

HARP 2 starts to help the severely underwater

San Francisco Chronicle HARP 2 starts to help the severely underwater HARP 2 is starting to pay off for some deeply underwater homeowners. Last fall, the government said it would remove the 125 percent loan-to-value cap and loosen other restrictions that
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Friday, June 15, 2012 3:22 PM

The advantages of preapproval

The New York Times The advantages of preapproval The housing market is warming up in many areas, with multiple offers becoming more commonplace. Buyers who want an advantage in the bidding process will need more than a mortgage prequalification –
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Friday, June 08, 2012 7:44 AM

C.A.R. and District Attorneys in CA Join Together Against Fraud

Talking Points The CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) and district attorneys throughout the state have joined together to warn consumers about the increase in mortgage fraud and foreclosure and short sale scams. C.A.R. also has created a
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Friday, June 08, 2012 7:43 AM

Probe widens into mortgage lenders

The Wall Street Journal Federal officials are broadening their investigations of mortgage lenders that use a popular federally backed mortgage program, a move that could force more banks to pick up some of the rising tab for losses at the Federal Housing
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Friday, June 08, 2012 7:41 AM

Home prices up for second straight month in April

Inman News U.S. home prices rose on both an annual and monthly basis for the second month in a row in April, according to a home-price index compiled by data aggregator CoreLogic. Read the full story
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Friday, June 08, 2012 7:40 AM

Home rentals – the new American Dream?

USA Today The foreclosure crisis will drive 3 million former homeowners to rent single-family homes between 2010 and 2015, according to estimates by John Burns, CEO of John Burns Real Estate Consulting. Read the full story
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Friday, June 08, 2012 7:39 AM

Shortening loan terms

The New York Times Almost a third of those who refinanced in the first quarter cut the duration of their mortgages to 15 or 20 years from 30, according to a recent refinancing report by Freddie Mac. Read the full story
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Friday, June 08, 2012 7:38 AM

Mortgage rates sink to new record low

CNNMoney The 30-year fixed-rate mortgage dropped to an average of 3.67 percent this week, according to Freddie Mac. Read the full story
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Friday, June 08, 2012 7:18 AM

Fighting back against lowball home appraisals

The Wall Street Journal Record-low interest rates are a boon for home buyers and for homeowners seeking to refinance. But low appraisals are making it difficult or even impossible for some borrowers to take advantage. Making sense of the story Lenders
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Thursday, June 07, 2012 12:15 PM

Cyber scams getting more personal

Old high school classmates aren’t the only ones making connections on Facebook; crooks are too. Among the many cyber scams are the most-common ones, such as the Osama bin Laden death video which downloads a virus to the computer; a sting known as
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Monday, June 04, 2012 1:02 PM

Site Launched by C.A.R. to Help Consumers Avoid Mortgage Fraud

Earlier this month, C.A.R. launched a new section on car.org to help consumers avoid becoming victims of mortgage fraud. The valuable information contains links to websites for the major lenders in California, along with phone numbers; tips to avoid being
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Monday, June 04, 2012 12:38 PM

Home values rise in April

National home values rose for the second consecutive month, climbing 0.7 percent in April compared with March to a Zillow Home Value Index of $147,300. This is the largest monthly increase in home values since January 2006, when they rose 0.8 percent,
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Monday, June 04, 2012 12:37 PM

Spring home buying season off to strong start

California home sales and median price both jumped in April, with sales shooting up to their highest level in more than two years, and the median price rising above $300,000 for the first time in 16 months, the CALIFORNIA ASSOCIATION OF REALTORS®
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